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Tuesday's Biggest Analyst Calls: Nvidia, Meta, Boeing, Eli Lilly, Disney, Coca-cola, Grindr & More

April 2, 2024
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Here are the notable Wall Street recommendations from Tuesday:

Oppenheimer maintains Nvidia as outperformOppenheimer reaffirmed its outperform rating on Nvidia shares.

"The long-term potential for growth remains our preference. Our top selections include NVDA, MPWR, MRVL, and AVGO."

JPMorgan includes HealthEquity in the focus listJPMorgan regards the health-care management company's shares as "enticing."

"We view HealthEquity as a compelling overweight opportunity due to its robust fundamental trajectory over the next three years, thus adding the company to the Analyst Focus List as a growth prospect with a positive outlook."

Argus raises McCormick to buy from holdArgus believes the food manufacturer will benefit from new product offerings.

"We anticipate McCormick will overcome weak volume in certain regions and profit from new product launches, improved packaging, and efforts to narrow the pricing gap between its products and private-label alternatives."

Needham reiterates Disney as buyDespite the proxy battle with Nelson Peltz, Needham maintains its buy rating on Disney.

"We are confident that DIS is taking the necessary steps to enhance its growth prospects and streamline its cost structure. While we acknowledge that Trian and Blackwells have accelerated the turnaround's urgency, their contributions lack substance. Given our expectation of a close vote."

Melius downgrades Boeing to hold from buyMelius downgrades Boeing, suggesting the company requires a restructuring.

"Overall, we anticipate that Boeing will undergo a multi-year restructuring. Additionally, negative news flow is unlikely to diminish, serving as a continued drag on the stock."

Citi designates Coca-Cola as a top pickCiti anticipates strong sales growth for the beverage titan.

"We are elevating Coca-Cola to our top overall pick due to a robust outlook for organic sales growth in both the near and long terms, strengthened pricing power compared to peers, significant exposure to emerging markets, and the potential resolution of an IRS tax case, which could refocus investor attention on fundamentals."

Wedbush downgrades Lennar and D.R. Horton to underperform from neutralWedbush downgrades several homebuilders amid weak seasonal demand.

"We are lowering our rating on LEN, DHI, CCS, MTH, and LGIH from neutral to underperform, along with reducing our price targets."

RBC initiates GE Vernova as buyRBC expresses bullish sentiment toward the General Electric spinoff.

"GEV is engaged in various aspects of the electrification value chain, providing the company with a unique perspective and enabling it to adapt quickly to the growing complexity and demand for electrical networks."

Citi reiterates Eli Lilly as buyCiti asserts that the biopharmaceutical firm is capitalizing on GLP-1 momentum.

"We have revised our price target for LLY upwards from $675 to $895, reflecting anticipated increases in risk-adjusted peak sales for LLY's oral small molecule GLP-1 agonist, orforglipron, as a mono/fixed-dose combination."

Bank of America reiterates Meta as buyBank of America raises its price target on Meta shares to $550 from $510.

"Internet sector multiples are expected to expand in 2024 with potential rate cuts."

Citi downgrades Clorox to neutral from buyCiti believes the bullish case for the stock has mostly played out.

"We are lowering our rating on Clorox (CLX) from buy to neutral, as we feel that our expectations for a swift recovery following the August 2023 cybersecurity incident have largely materialized, with the pace of shelf space and market share recovery anticipated to decelerate in the third fiscal quarter, more closely tied to spring shelf space resets in the fourth fiscal quarter."

Citi upgrades Estée Lauder to buy from neutralCiti identifies a potential turning point in the stock's performance.

"We are elevating EL to a buy rating from neutral, as we believe the company is nearing a turning point in its sales trajectory, with channel inventories in Asia-Pacific travel retail normalizing and EL approaching a balanced sell-in/sell-through."

Barclays upgrades Array Technologies to overweight from equal weightBarclays foresees market share gains for the solar technology company.

"While ARRY encountered execution challenges last year resulting in market share losses, we anticipate signs of improvement, potentially allowing it to regain market share moving forward."

Barclays upgrades Moody's to overweight from equal weightBarclays expresses increased optimism about the global markets and ratings firm.

"As a result, we are upgrading MCO to overweight, although we continue to prefer SPGI due to a comparable revenue increase in the millions and a lower valuation."

Barclays upgrades Eaton to equal weight from underweightBarclays acknowledges superior value in other electrical stocks but upgrades Eaton nevertheless.

"The company is poised for some of the highest organic sales growth rates in the multi-industry sector over the coming years. This, coupled with the widespread perception of this growth as 'secular,' suggests that a significant valuation multiple compression may not occur in the near future."

JMP initiates Grindr as market outperformJMP expresses confidence in the dating app company's shares.

"Grindr Inc. is a leading dating app targeting the LGBTQ+ community, and we anticipate its position will strengthen as it continues to convert its extensive network of highly engaged users into paying customers."

Piper Sandler initiates Q32 Bio as overweightPiper Sandler is bullish on the biopharmaceutical company's prospects.

"Initiating coverage with an overweight rating; Emerging inflammatory story with significant near-term catalysts."

Barclays downgrades Nio to underweight from equal weightBarclays expresses concerns about weakening sales.

"Poor March sales suggest NIO's challenges in selling its 2024 models, introduced in March, putting the company's FY 2024 consensus estimates at significant risk."

CFRA upgrades DoorDash to buy from holdCFRA sees strength in the food delivery company's financials.

"We are revising our target to $158 from $110, based on a P/E ratio of 40x our 2025 EPS estimate, reflecting the company's financial resilience (net cash of $4 billion) and stronger growth."

Goldman Sachs initiates Olema Pharmaceuticals as buyGoldman Sachs sees considerable potential in the biopharmaceutical company.

"We are initiating coverage of Olema Pharmaceuticals (OLMA) with a buy rating and a target price of $24."

UBS downgrades Blackstone to neutral from buyUBS downgrades Blackstone due to a prolonged recovery outlook.

"We are downgrading BX to neutral and lowering our price target to $135, primarily due to reduced estimates."

UBS upgrades Blue Owl to buy from neutralUBS upgrades Blue Owl amid positive fundraising trends.

"Blue Owl's fundraising activities have improved across asset classes and distribution channels, with total capital raised reaching $6.2 billion in 4Q23, compared to $15.8 billion for the entire year. This includes $3.6 billion in wealth management and $2.6 billion in institutional."

Bank of America downgrades Petco to underperform from buyBank of America cites concerns about declining market share.

"We are downgrading Petco (WOOF) from buy to underperform and lowering our price objective to $1.50 (from $5.00). We believe Petco has experienced a significant erosion of its competitive position, with its market share decreasing from 7% in 2015 to 4% currently."

Bank of America downgrades FIGS to underperform from neutralBank of America downgrades FIGS due to anticipated sales growth slowdown.

"We believe COVID-19 has accelerated demand for scrubs, leading to exceptional growth and margins for FIGS."

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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